| Fri 29 Jun 2012, 7:57 | | FUM - First Uranium Corporation - First Uranium and Gold One extend date |
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FUM
FIU
FUM - First Uranium Corporation - First Uranium and Gold One extend date
for fulfillment of conditions precedent
First Uranium Corporation
(Continued under the laws of Ontario, Canada)
(Registration number 2082276)
(South African registration number 2007/009016/10)
Share code: FUM ISIN: CA33744R1029
FIRST URANIUM AND GOLD ONE EXTEND DATE FOR FULFILLMENT OF CONDITIONS
PRECEDENT
TORONTO AND JOHANNESBURG - June 29, 2012 - First Uranium Corporation (TSX:
FIU) (JSE: FUM) (ISIN: CA33744R1029) ("FIU" or the "Company") announced on
April 2, 2012 that it had signed a binding Sale of Shares and Claims
Agreement (the "Gold One Acquisition Agreement") for the sale of 100% of
the issued shares of, and all shareholders` claims against, First Uranium
Limited (Cyprus), which holds 100% of the issued shares of, and all
shareholders` claims against, Ezulwini Mining Company (Pty) Limited, to
Gold One International Limited ("Gold One") for total consideration of US$
70 million (the "Gold One Transaction").
The Gold One Acquisition Agreement is subject to a number of conditions
precedent, which, include that the acquisition of all the shares of Mine
Waste Solutions (Pty) Limited by AngloGold Ashanti Limited from First
Uranium (the "AGA Transaction") be implemented in accordance with its
respective terms, and are required to be fulfilled or waived on or before
June 29, 2012.
In order to provide sufficient time for the AGA Transaction to be
implemented, which is expected to occur on or before July 24, 2012, Gold
One and First Uranium have agreed to extend the date to satisfy the
conditions precedent to the Gold One Transaction to July 31, 2012. Other
than the conditions precedent associated with the implementation of the AGA
Transaction, the material conditions precedent to the Gold One Transaction
have been satisfied or waived, including all of the regulatory approvals to
the extent required.
About First Uranium Corporation
First Uranium Corporation operates the Ezulwini Mine, an underground mining
operation, and Mine Waste Solutions, a tailings recovery facility. Both
operations are situated in South Africa.
Cautionary Language Regarding Forward-Looking Information
This news release contains and refers to forward-looking information based
on current expectations. All other statements other than statements of
historical fact included in this release are forward-looking statements (or
forward-looking information). The Company`s plans involve various estimates
and assumptions and its business and operations are subject to various
risks and uncertainties. For more details on these estimates, assumptions,
risks and uncertainties, see the Company`s most recent Annual Information
Form and most recent Management Discussion and Analysis on file with the
Canadian provincial securities regulatory authorities on SEDAR at
www.sedar.com. These forward-looking statements are made as of the date
hereof and there can be no assurance that such statements will prove to be
accurate, such statements are subject to significant risks and
uncertainties, and actual results and future events could differ materially
from those anticipated in such statements, including without limitation,
the statements regarding the proposed transactions with Gold One
International Limited and AngloGold Ashanti Limited. Accordingly, readers
should not place undue reliance on forward-looking statements that are
included herein, except in accordance with applicable securities laws.
www.firsturanium.com
For further information:
John Hick or Mary Batoff
(416) 306_]3072
mary@firsturanium.ca
29 June 2012
Date: 29/06/2012 07:57:01 Produced by the JSE SENS Department.
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